1. The United States exists in a mixed economic system – 1 where we advocate free enterprise but 1 where there is some government intervention. Therefore, does the government have the right to make decisions for its citizens like prohibiting smoking in public places? Does this represent too much government intervention or not enough? (Min 3/4 page)


2. Explain what happens to supply, price, and quantity when the following conditions occur:

a) A new technology is developed to pick peaches
b) The government allows more furniture imports from China
c) Interest rates are lowered to help spur the economy
d) The cost of rubber which is used in the manufacturing of tires increases
e) The government imposes a tax in imports of foreign cars

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